TLDR
- Solana processed $4.6 billion in DEX volume, surpassing Ethereum’s $4.4 billion in 24 hours
- Alpenglow proposal voting underway to cut block finality from 12.8 seconds to 150 milliseconds
- SOL price consolidated above $212 with key resistance at $220 and support at $185-$190
- Technical indicators remain bullish with MACD gaining momentum and RSI above 50
- Proposal includes 1.6 SOL fee per epoch with token burning to reduce supply inflation
Solana has overtaken Ethereum in daily decentralized exchange trading volume, processing $4.604 billion compared to Ethereum’s $4.435 billion. This shift marks a change from Ethereum’s traditional dominance in DEX activity.
The volume surge comes as Solana’s community votes on the Alpenglow proposal. This upgrade aims to reduce block finality times from 12.8 seconds to approximately 150 milliseconds.
Binance Smart Chain recorded $2.188 billion in volume, while Base processed $2.049 billion. The data shows traders and liquidity moving toward Solana’s platforms.
Alpenglow Upgrade Could Transform Speed
The Alpenglow proposal, designated SIMD-0326, introduces the Votor system. This allows validators to process blocks off-chain before sending compact proofs on-chain.
Blocks can finalize in one round with 80% validator approval or two rounds with 60% approval. The voting period spans Epochs 840 to 842, requiring a two-thirds majority for passage.
Early voting shows 10.6% support versus 0.12% opposition from 11% turnout. The proposal includes a 1.6 SOL fee per epoch, with tokens burned to reduce inflation.
Validators face penalties for abstaining or conflicting votes. If approved, Solana would match traditional payment networks like Visa in transaction speed.
Solana Price Prediction
SOL price recovered from $192 support to break above $212. The token reached a high of $217 before consolidating above key technical levels.
Price trades above the 100-hourly moving average with a bullish trend line supporting at $212. Current levels sit at $211.61.
Resistance emerges at $218 with major barriers at $220 and $225. A break above $225 could target $232 and $250.
Downside support sits at $212 and $210. Below $210, price could test $202 and the 50% Fibonacci retracement level.
Technical indicators support the bullish outlook. The hourly MACD gains pace in positive territory while RSI holds above 50.
The increased DEX activity demonstrates growing confidence in Solana’s ecosystem. Higher volumes suggest institutional and retail interest in the network’s capabilities.
Competition between blockchains often links usage metrics to token performance. Solana’s DEX leadership paired with potential speed improvements positions it for continued growth.
The Alpenglow vote outcome will likely influence future adoption and development. Network improvements could attract more DeFi protocols and trading activity.
Current price action suggests bulls remain in control above $212 support. A break above $220 resistance would confirm the next leg higher toward $225-$232.
